Blockchain For Colored Gemstones Trialed By Everledger, Gübelin Gem Labbr>
Founded in 2015, Everledger provides an immutable ledger for diamond ownership and related transaction history verification for insurance companies, owners, claimants, and law enforcement agencies. Everledger currently has the provenance of over 1.8 million diamonds on the blockchain, and the platform has since expanded into the world of fine wine and art, among other industries.
The Gübelin Gem Lab was founded in 1923 as a small gemmological laboratory to examine and determine the authenticity of the stones used in Gübelin’s jewelery. It is a completely independent subsidiary of the Gübelin Group. The lab is the creator of the Provenance Proof initiative, which aims to bolster transparency in the gemstone industry.
The project, called Provenance Proof Blockchain, will use the technology to track gemstones throughout their lifespan until they reach the end consumer. Gübelin plans to implement the blockchain system across all segments along the supply chain, including miners, dealers, cutters, labs, retailers and consumers.
Everledger founder and CEO Leanne Kemp said that having successfully applied Everledger’s blockchain solution to the diamond industry, it is a natural progression to now expand the application to the colored gemstones industry.
“There is a strong need for the next-level transparency that will be established by our collaboration in this fast-expanding industry,” said Kemp. “A steady growth over the past few years has been seen, with estimated global rough gemstone sales for emeralds, rubies and sapphires reaching $2.5 billion in 2015.”
Gübelin Group president Raphael Gübelin said that the concept and technology of a blockchain transforms an opaque business based on trust into a business based on transparency.
“The combination of the blockchain with the application of physical tracers – such as the Emerald Paternity Test – is a quantum leap for our Provenance Proof initiative,” said Gübelin. “Thinking further into smart contracts, it opens up completely novel business models in our industry, and opportunities to establish more sustainable and fairer practices.”